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The two main choices available to many borrowers are recasting or refinancing their mortgage. Each option can help you lower your monthly mortgage payment and save money in interest costs. In order to help you make a decision about which choice is right for you, here is some information you’ll need to consider. Recasting Your Mortgage
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· The Bad Psychology Of Mortgage Prepayments. Most mortgages today allow borrowers to make principal prepayments without any penalty. In many cases, this is valuable simply because it leaves the borrower with the flexibility to refinance the mortgage – which is technically taking out a new mortgage against the house, and using the proceeds to fully prepay the “old” mortgage.
A mortgage recast is a method used to reduce your monthly mortgage payments and save interest, similar to a refinance, but avoiding the significant costs and headaches. Why haven’t you heard of recasting? Don’t feel bad, it’s not your fault. Recast mortgage vs extra payments or prepayment. Generally you can recast a loan more than once.
Mortgage recasting is one way to reduce your monthly mortgage payments. It’s less common than refinancing or modifying a loan, and it’s rarely advertised, but it decreases mortgage payments for.
Loan recasting can make sense if you inherit money (or receive a significant bonus at work) and wish to apply it to the balance on your mortgage. Because you reduce the balance ahead of schedule, you ultimately will pay less interest. This then enables lenders to recast your loan, or recalculate your monthly mortgage payment.
Lower monthly payments or pay off your home sooner. There are lots of great reasons to refinance your mortgage. Whether you want to save money with lower monthly payments or cash out, refinancing is a great option to meet your financial goals.. Get a better understanding of your refinance.
Recast mortgage vs extra payments or prepayment. Generally you can recast a loan more than once. Keep in mind that recasting a mortgage is not the same as making extra payments or prepayment on your loan. If you pay a lump sum on your own without recasting, you have effectively lowered your principal amount, but not your monthly payment.